The U. S. government’s increased actions against the crypto industry recently.
In a Twitter post , crypto exchange Coinbase addressed the Paxos-BUSD and Securities Exchange Commission (SEC) case and other essential items regarding the regulatory landscape for the industry. For investors, the recent enforcement actions by the SEC raised concern in the crypto industry. These actions need clarity for the future digital assets in the U.
S. jurisdiction for the various services exchanges to provide to users. Don’t wait! Jump on this Crypto Deal and get a 150% Welcome Bonus plus 100 Free Spins on your deposit today! Related Reading: USDC Issuer Circle Debunks Rumors Of Being SEC’s Latest Target After the New York Department of Financial Services (NYDFS) ordered the US-based Paxos blockchain infrastructure to stop issuing the US dollar-backed stablecoin BUSD, Coinbase stated that these assets are not securities.
Bitcoinist reported that the crypto exchange would take its case to court and fight for its staking products. What Is The Role Of Stablecoin In Crypto Stablecoins are cryptocurrencies whose value is pegged or tied to another commodity, currency, or financial institution; in this case, most stablecoins are used as a medium of exchange, are backed by the US dollar, and are designed to remain equal to the value of their peg. Stablecoins are more valuable to crypto as a medium of exchange.
These digital assets pursue price stability by maintaining reserve assets as collateral. BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner? 570% up to 12 BTC + 300 Free Spins for new players & 1 BTC in bonuses every day, only at Wild. io.
Play Now! Coinbase states that for customers, stablecoins like USDC transcend banking hours and global borders, something centralized finance “needs to provide to investors. ” Crypto remittance growing in the U. S.
Source: Coinbase The use of crypto remittances has grown in recent years. According to Coinbase, nearly a quarter of US consumers reported using crypto. Coinbase states: Stablecoins help bridge the gap from traditional finance to a more efficient and equitable financial system.
As more global cash digitizes, the US will benefit enormously if USD remains the most trusted and used global reserve currency for fiat-backed stablecoins. For this reason, stablecoins continue to come under regulatory scrutiny, given the growth these digital assets have experienced in recent years, with over $136 billion in the crypto market at press time, according to data compiled by DeFillama. Stablecoins market cap.
Source: DeFillama Coinbase notes that stablecoins are already regulated. Paxos, which has been scrutinized by the SEC, is regulated as a New York trust company by the NYDFS. USDC is regulated as a stored value instrument.
For Coinbase, getting this right means a “genuine dialogue” between regulators and the crypto industry that can lead to clear rules for the crypto space and lanes for the various regulators themselves. Related Reading: Bitcoin Spot Volume Remains Stable, But Binance’s Share Grows Further This can ensure the promise of greater financial accessibility and efficiency and allow for more innovation and development for assets like stablecoins that can provide solutions for many crypto users in the U. S.
Coinbase concludes: Coinbase welcomes dialogue with regulators, policymakers, and the public on the best way to regulate our industry, including stablecoins. COIN stock continues its bullish trend on the daily chart. Source: COIN TradingView.
COIN stocks have positively reacted despite the undesirable inflation data released on February 14th. COIN is trading at $64. 25 on the Nasdaq, representing a gain of 5.
5% in the last 24 hours, continuing its uptrend since the beginning of 2023. Featured image from Unsplash, chart from Trading View. Share Tweet Share Share Sign Up for Our Newsletter! For updates and exclusive offers enter your email.
Sign Up I consent to my submitted data being collected and stored. Leave this field empty if you’re human: Ronaldo Marquez Related Posts Coinbase Willing To Fight For Its Staking Program, CEO Says 2 days ago Former Coinbase Manager Pleads Guilty To Conspiracy Charges 1 week ago Coinbase Ends Operations In Japan Citing Extreme Market Conditions 4 weeks ago Dogecoin Smokes Coinbase By $2 Billion In Market Cap – No Longer A ‘Silly’ Joke? 2 months ago Coinbase Questions Tether Reserves, Aks Users To Switch USDT To USDC 2 months ago Veritaseum Sued Coinbase Over Patent Infringement, Seeks $350 M For Settlement 5 months ago.
From: bitcoinist
URL: https://bitcoinist.com/sake-crypto-coinbase-willing-talk-with-regulators/
